Friday, December 3, 2010

Share market updates : Nifty support levels

All key US Stock indices rallied yesterday wherein the Dow Jones and the S&P 500 posted their biggest gains in three months as positive cues from Retails Sales and Pending home sales was conjugated with ECB’s plan to extend liquidity measures. Almost all stock markets in Asia are trading in the green.

Back home, The NSE Nifty is expected to witness a positive start for the 5th consecutive session. The Critical level for the bullish momentum is at 6006. Due to the weekend and in the absence of any Major news flow today, the Nifty may consolidate around these levels while the trading range is between first Resistance 6040 and the Lower Support at 5978. However if market breaks this range, the upside may be capped at 6066 and below 5978, the index may loose some of its gains before finding Support at 5944.